NAZ got propped in Overnight, look for some give back at Open. Drop target is 15520. Above 15580 is Long and below, look to fade rallies. Upper White line is ATH , only concern is with how we got here (much odd PA on this run). Just have to play as we go today.
Overnight range is 90 points and Mid Level is 15567. Key Level Range: Upper 15590 / Lower 15540, Go in opposite direct at both until break out.
Intraday analysis will be needed as the NAZ approaches ATH test.
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Diag TL alert, Been reliable:
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Look short under 15610 for test trade target at 15570. Cover and reverse to Long at level for 2nd upper test.
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15590, NAZ stalling to upside, will develop a Drop & Pop here to test upper. Should NAZ not take out current high at 15612.
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15595 Short let run to 70 and potentially 40. Stop at Buy In.
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Move stop or leave, NAZ in between mode, go either way.
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70 may bounce, wait for confirm:
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90 - 40 range is confirmed and look for PA in range. Stay on Short side below 95.
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Place stop on short at 98, take profit prior to Open or close out. Look for dip in 1st 30m to short & buy. Use Key levels for placement.
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Short exit at Open trade: Place cover and add (1 short = 2 Longs) at 15570 and close long at pop to 15605. Thinking NAZ will wiggle enought to trigger both and yopu are flat with short & long profit.
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Short at ATH or under.
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NAZ turning, Short at top of 30M candles.
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Take profit at bottom of candle, reverse up until direction confirms.
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Short target 1 is 40
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41 hit on short, may bounce.
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Look to Cover go long at 30M close.
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More PTS on intra wiggles than straight shots. Hard for me to relate, hopefully you are getting the flow.
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Flow chart:
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Test drop, stay Long.
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Huge 30M candle, you can see how the stops will kill you.
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Add to long here, wait for 30M close.
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The drop from day high to 15560 was a test of Overnight Air Pocket Prop, NAZ stopped and should go higher.
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Add above 60
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Sideways to up from here.
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Lower support 15500
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00 good support, bounce to 90 potential.
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NAZ should lift to ML Mid Level 15600
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Stepping away, after lift it may drop back down.
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00 bounce got to 80. NAZ in key level range of 90 - 40, continue in opposite direction from level.
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Today was Pop & Drop, Rallies may be sold as the NAZ lifts higher. Needs to get higher in order to get lower.
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Failure near 85 is a Short set up.
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Short developing if no break through.
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FNG1 is off .50% and Russell is off .30%. NAZ is up .48% Downside Likely. .
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Watch the Head Fake here to upside. Ticks should turn, look to short on high ticks. Breaks go Long. Final attempt.
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Should do it.
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Mr Retail will now start to bail. Keep in mind that many are 100 plus points down. Inst flip to Long is only hope and I think that they will take it lower since we are near ATH's.
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NAZ looking Long here, not 100% sure so Closing 00 Long. We hit 00 at 11:30 CT, long time to go up 85 Points. Propped Overnight points are all that is left to grab. You see the benefit of Propping, NAZ is positive the Overnight points and where would it be without those? Eventually these fake adds with not help the markets. This at the same time that Long only retail is trapped. These are the forces that we navigate. May see Pop as some Tech are reporting. This will make for new shorts for tomorrow, will play move after the close.